Best Practice for WSE-listed Companies

4 July 2007. The Warsaw Stock Exchange (WSE) adopted new corporate governance principles called “Code of Best Practice for WSE-Listed Companies”.

19 May 2010. The WSE amended this document for the first time, harmonizing Best Practice with the latest law amendments, current, international trends in the area of corporate governance, and expectations of market participants. The amended “Code of Best Practice for WSE-Listed Companies” came into force on 1 July 2010.

The objective of Code of Best Practice for WSE-Listed Companies is to strengthen the transparency of listed companies, to improve the quality of communication between companies and investors, to strengthen the protection of shareholders’ rights, also in the matters not regulated by law, and at the same time avoiding creating burdens for listed companies that are not offset by the market-driven benefits. Therefore Best Practices apply only to the areas where their application may have positive impact on the market valuation of the companies and thus to reduce capital raising costs.

Best Practice for WSE-Listed Companies refer to and reflect tradition of the Polish corporate governance movement whose first formalized work was the collection of principles called “Best Practices in Public Companies 2002”, developed by a number of people and institutions connected with the financial market, with significant opinion-forming and executive role played by the Best Practice Committee and in the course of discussions held with the Gdańsk Institute for Market Economics. This led to passing the code of corporate governance principles for further implementation by the WSE, which supported dynamic propagation of practical application of the principles.

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